Tesla Inc. TSLA CEO Elon Musk has offered to buy all the shares in Twitter Inc. TWTR — that he already doesn't own — at $54.20 per share, an amendment to a 13D filing made with the SEC on Thursday morning shows.
This would represent a 54% premium over the social media company's stock's closing price on January 28, the day before Musk began investing in Twitter and 38% premium over April 1 closing price — the day before Musk's stake in Twitter was disclosed.
"I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy," Musk told Twitter Chairperson Bret Taylor on Wednesday, as disclosed in the filing. "However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company."
Musk also said he believes "the company should be private to go through the changes that need to be made."
This comes after Musk declined to join the Twitter board.
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